TriWest Capital’s Source Energy Services mulls IPO: Bloomberg

Source Energy Services, a Calgary-based specialist in proppant sourcing and oilfield logistics, is weighing an initial public offering, a Bloomberg report said.

Source Energy is hoping to capitalize on a turnaround in oilfield services due to a revitalized North American fracking industry, sources told Bloomberg. A public sale could value the company for as much as $1 billion.

Source Energy is a portfolio company of Canadian private equity firm TriWest Capital Partners. TriWest made an undisclosed investment in the business in late 2013.

In December, Source Energy also secured $15 million in senior secured first-lien notes from Canadian specialty finance firm Crown Capital Partners. The investment formed part of $130 million offering of notes.

Photo courtesy of Source Energy Sources